Ocean Oil Well Explosion

The Oil spreading throughout the Ocean(above).

The Explosion being put out by boats (below).

Oil is one of the most precious natural resources in the World, especially in the developed world where the majority of transportation relies solely on what come call "black gold". If it were not for Oil many of the Middle Eastern countries, and some of the wealthiest individuals, would not have the wealth that they do today. Unfortunately, these countries have limited production in order to keep a constant supply to an ever growing demand. If supply does not increase along with demand then prices increase rapidly.

In order to counteract this trend the US and other countries began searching for Oil in a less hostile and closer region. In the Gulf Of Mexico they struck gold. Currently there are hundreds of off shore wells that are basically planted in the ocean and pump the oil directly out. A process that works great as long as the tides are kind and no ocean storms arise.

On April 22, a drilling platform had an explosion and a massive oil leak was created. The leaked oil has spread out to an area of over 1800 square miles. An area sure to have detrimental effects on the natural inhabitants. Currently, Oil is flowing out at a rate of 42,000 Gallons a day. Their are certain strategies that have been tried but it is not possible to tell if they have successfully worked. A worst case scenario would be that BP would have to drill another well and cut off the current flow, a process that would take nearly two months.

The ocean is an incredibly unpredictable place to put such a dangerous rig. I wouldn't be surprised if stricter regulations are required for all current and future oil rigs. Do you think it would be fair for an animal activist group, such as PETA, to sue BP for their carelessness? Personally, I do not think this would be fair because BP correctly followed all current procedures and the unexpected occasionally happens.

As for now let's hope the crews can get the leak stopped and the oceans cleaned before complete ecosystems are harmed. The Gulf of Mexico already has a "dead zone" where coral no longer grows. Hopefully this spill will not ruin what is currently a gorgeous coastline. Do you think the US should abandon its practice of building offshore rigs and drilling in the oceans?

April 15th- Not Such a Burden for All Americans

Everyone pays income tax in America right? That was always the impression I was under so I was astonished when I found out that 47% of Americans will not pay income tax for 2009. In fact a majority of that 47% will actually receive a check from Uncle Sam. It's no wonder why America has such a large national debt. The top 10% of American earners pay 73% of income taxes, it doesn't take much of a economist to recognize how skewed these percentages are. Granted the top 10% do have incomes larger than 10% of the nation's incomes. However, this is America and people should be able to enjoy their right to make money and not bear such a large burden of the Government's Tax Revenues.

These numbers would not seem so unfair if those who didn't pay any income tax just benefited by the fact that none of their income went to the government. But the fact that the government is so far in debt and still handing out checks on April 15th seems a bit superfluous.

According to Deloitte Tax Consultants a family of four making $50,000 a year would end up with a $31 dollar check from the government for their owed income tax for the year. I have never worked anything more than a summer job nor have I tried to raise a family of four so my understanding of incomes might be a bit warped. Do you think that these families should come away from tax day in the green?